Weather doesn’t seem to be scaring investors away from Houston multifamily assets. Connecticut-based Hamilton Point Investments waited for a “pricing correction” to happen before it bought four complexes totaling 1,174 units for $195M. That’s less than they would have cost two years ago and less than they would cost to build today, according to the private equity group. The newly built suburban complexes are sprinkled throughout the Houston metro. Read the full story here. The Best Of Bisnow Industrial is the latest DFW sector plagued by oversupply as millions of square feet of new product are unleashed to a market with waning demand. Returning to the sector's historical equilibrium of vacancy could take as long as two years, an insider told Bisnow, which means rent growth will likely trend down for the foreseeable future.
Houston CRE players say power restoration is key to Tropical Storm Beryl recovery, yet days later, nearly 1.4 million customers are still waiting. Owners of commercial buildings prepared well and saw fairly minimal damage from the tropical storm, but lack of power and extreme heat remain a problem days later.
North Texas leaders are taking another swing at extending the proposed high-speed rail from Dallas into Arlington and Fort Worth with a new plan that will go before the Regional Transportation Council on Thursday. The revised route would involve a station south of Downtown Dallas that would forgo stops at the convention center and Union Station.
Howard Hughes secured a $130M office refinance loan without breaking a sweat. Senior Vice President of Capital Markets Valerie Qualls sat down with Bisnow to detail the terms of the loan on a 601K SF office building, how the company swiftly secured it and how the process is different from five years ago.
Private equity is increasingly investing in engineering as federal funding pours into infrastructure. The sector backed more than 40% of all engineering mergers and acquisitions this year, which is on track to be the fourth year in a row with more than 400 of those deals. But some think the trend could threaten the quality of the industry.
The Best Of The Rest Trust Tied To Shaquille O’Neal Purchases Another North Texas Home (DMN): NBA legend Shaq is adding a second North Texas home to his real estate collection, this time in Heath. The Chexy Trust, which has been tied to O’Neal’s property transactions across the U.S., purchased a six-bedroom, six-bathroom home in April, Rockwall County records revealed. Shaq also owns a home in Carrollton.
Greenspoint Is Focusing On Becoming A Logistics And Distribution Hub (HBJ): Now known as the North Houston District, its leaders are working to rebrand the area colloquially nicknamed Gunspoint. The district now has much more industrial than office, and leaders say it has more potential and a better reputation that way.
Bustling Southeast Austin Scores Another Big Industrial Development (ABJ): An Austin submarket that has been on fire thanks to the presence of Tesla’s massive factory has landed another large deal. The Hangars, a nine-building, 217K SF project, is set to rise alongside Austin-Bergstrom International Airport. Southeast Austin had 17.8M SF of industrial space under construction in the first quarter, according to CBRE.
Another Company Is Moving From West Houston To West Houston (Chron): West Houston remains a hot spot for the city's office sector, with Fort Worth-based insurance, financial and human resources company Higginbotham moving its main Houston office from the Energy Corridor to Westway II at 4424 W. Sam Houston Parkway. The company plans to spend about $4.5M to renovate its new space, according to preliminary filings.
A Year Of ‘Frenzied Inaction’ Could Be Coming To An End in Texas CRE (D Magazine): Texas real estate has been stuck between FOMO and FOLD (fear of looking dumb) for months, but Avison Young’s Mike Kennedy believes three trends will “push the meter back to the go-go-greed side” in the Lone Star State this year. A forecast interest rate drop is just the start.
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